Gifted deposit...is mortgage at risk?

julieb1987

Hi all. we are at the stage where we're very close to exchange on our first house, and have only just been asked for proof of funds for deposit. We were NEVER asked about source of deposit, not during mortgage application or by the solicitors. My mum has gifted us the deposit with no financial interest in the property, and not wanting the money back. As the money was transferred into into our account they want to see the bank statement from the account it was transferred from. We will tell them tomorrow it is a gift and has come from my mum. Do you think the lenders could withdraw their mortgage offer, despite never asking us where the deposit has come from? We haven't lied, we were just never asked. What do people think might happen? Nervous about the conversation with the solicitor tomorrow! We can easily afford the mortgage repayments (less than our rent) and bills as well as rainy day money.

Does anyone else have experience of this?

Dave_Ham

This should have been convered off by broker or Mortgage Adviser.

You have to put whether it is savings, gift, equity etc.

Depending upon the lender, it is unlikely to be a showstopper but Mum will need to sign a gift letter and the wording is specific. Similar to what you said around no interest in property etc.

Speak to adviser/broker in first instance rather than Solicitor as they will have quicker contact to lender to check and then follow up with solicitor.

All the best

redapple1

We completed on our new home last week - 75% of our deposit was a gift. Nobody asked!!

julieb1987

We spoke to the solicitors and they said it shouldn't be a problem. They've just sent a letter for my mum to sign. Phew!